BENGALURU, July 5 (Reuters) - Indian shares kickstarted the
week higher on Monday, with financial stocks seeing strong
gains, as falling COVID-19 infections and indications of more
availability of vaccines raised hopes of a sustained reopening
of the economy.
By 0347 GMT, the blue-chip NSE Nifty 50 index and
the benchmark S&P BSE Sensex were up 0.43% each at
15,790.70 and 52,711.21, respectively. Both the indexes shed
0.87% last week.
The Nifty Bank index added 0.74%, boosted by top
lenders HDFC Bank and Axis Bank.
Panacea Biotec soared 9% after the biotechnology
firm got the Indian drug regulator's nod to make the Russian
Sputnik V vaccine.
The Economic Times reported that Moderna's COVID-19
vaccine was likely to reach India this week and will be
available in few major government hospitals by July 15.
Meanwhile, India's Bharat Biotech said over the weekend that
its vaccine, Covaxin, showed 93.4% efficacy against severe
COVID-19 in late-stage trials.
Investors now await the Markit composite and services PMI
(Purchasing Managers Index) data an indicator that helps
predict economic trends in the rapidly developing services
sector due later in the day.
Among other shares, DMart owner Avenue Supermarts
rose 2.4% after the supermarket chain posted a 31% rise in
June-quarter revenue, while agrochemical firm India Pesticides
jumped 18.2% in its market debut.
Asian markets extended their rally and took global equities
to a record high after a U.S. jobs report signalled that the
economic recovery remained intact.
(Reporting by Shivani Singh in Bengaluru; editing by